Paramount World is shutting down its namesake TV studio as the corporate embarks on a big spherical of layoffs.
Paramount Tv Studios will stop operations on the finish of the week, president Nicole Clemens and Paramount co-CEO George Cheeks informed workforce Tuesday morning. Clemens will go out the corporate, and all present collection and initiatives in building at Paramount TV Studios — together with Reacher, Apple’s Time Bandits and the impending Pass at Top Video — will transfer below the CBS Studios umbrella.
Paramount introduced ultimate week that it might lay off 15 p.c of its U.S. workers — on best of about 800 layoffs six months in the past — as a part of an effort to save lots of $500 million in prices forward of a deliberate merger with Skydance. Cheeks and fellow CEOs Brian Robbins and Chris McCarthy informed workforce previous Tuesday that layoffs would start that day and happen in 3 stages over the rest of the yr.
“As you’re all conscious, Paramount World has made the tricky resolution to near Paramount Tv Studios as a part of the corporate’s broader restructuring plans,” Clemens wrote in a memo to workforce (learn it in complete beneath). “This has been a difficult and transformative time for all of the trade, and unfortunately, our studio isn’t immune.
“Over the last 11 years, PTVS has weathered apparently insurmountable hindrances via a mix of energy, resolution, and unwavering dedication. We met those demanding situations with improbable resilience, creativity, and keenness for what we do, and I may just no longer be prouder of our crew.”
In a separate memo, Cheeks famous that the shutdown of the studio “isn’t a choice according to how PTVS carried out. This transfer is the results of important adjustments within the TV and streaming market and the want to streamline our corporate.”
Clemens joined Paramount TV Studios in 2018 after running as an agent and supervisor and within the govt ranks at FX. She added oversight of Paramount+ scripted content material to her portfolio in 2021.
Along with Reacher (co-produced with Skydance TV), Time Bandits and Pass, Paramount TV Studios’ present roster comprises AMC’s Interview With the Vampire (co-produced with AMC Studios) and upcoming displays Sooner than and Murderbot.
Clemens’ and Cheeks’ memos to workforce are beneath.
Clemens:
Expensive PTVS Circle of relatives,
As you’re all conscious, Paramount World has made the tricky resolution to near Paramount Tv Studios as a part of the corporate’s broader restructuring plans. This has been a difficult and transformative time for all of the trade, and unfortunately, our studio isn’t immune.
Over the last 11 years, PTVS has weathered apparently insurmountable hindrances via a mix of energy, resolution, and unwavering dedication. We met those demanding situations with improbable resilience, creativity, and keenness for what we do, and I may just no longer be prouder of our crew. We’ve additionally had the privilege to collaborate with one of the maximum sensible ingenious skill within the trade to assist inform improbable tales noticed world wide, entertaining and shaping tradition.
Even though Paramount Tv Studios is finishing, our ethos will continue to exist in displays that may proceed to be loved through world audiences for years yet to come. We’ve cemented our legacy through shepherding one of the maximum influential, award-winning, and seriously acclaimed displays within the streaming generation with collection like “13 Causes Why,” “The Be offering,” “Protecting Jacob,” “The Alienist,” “The Haunting of Hill Space,” “Station 11,” “Time Bandits,” and lots of extra. Now we have damaged streaming platform data with “Tom Clancy’s Jack Ryan,” “Reacher,” and “The Spiderwick Chronicles.” Our upcoming displays, “Pass,” “Sooner than,” and “Murderbot,” are certain to enroll in the ranks of the ones hits.
This has been probably the most formative bankruptcy in my profession, and that’s basically because of the outstanding colleagues I’ve had the honour to steer and be informed from each day. Thanks for supporting me, inspiring me, and guffawing with me for the ultimate six years — I wouldn’t have sought after to be within the trenches with someone else.
I wish to thank George Cheeks for his management and fortify via all of it. There’ll indisputably be some tears as we transfer on, however this industry is a marathon, and I’m sure that we can pass paths, if no longer paintings in combination, once more.
“Ceaselessly while you assume you’re on the finish of one thing, you’re firstly of one thing else.” – Fred Rogers
With heartfelt gratitude,
Nicole
***
Cheeks:
CBS Crew,
As you noticed from the e-mail Brian, Chris and I despatched previous, it is a very tricky day at Paramount World. I’m attaining out to percentage that these days’s information sadly affects CBS, together with certainly one of our studios.
A little while in the past, we knowledgeable the crew at Paramount Tv Studios (PTVS) that the studio will stop operations on the finish of the week. To be transparent, this isn’t a choice according to how PTVS carried out. This transfer is the results of important adjustments within the TV and streaming market and the want to streamline our corporate.
I wish to thank PTVS President Nicole Clemens and the gifted crew she constructed for the numerous signature hits they produced. Below Nicole’s management, this studio constantly punched above its weight in attracting best storytellers and stars to create best-in-class collection. I wish to thank each and every PTVS worker for shepherding a slate of displays that helped usher Paramount into the streaming generation.
Going ahead, all present PTVS collection and building initiatives will transition to CBS Studios.
Along with PTVS, there are contributors of CBS groups who will likely be leaving the corporate. Those are valued colleagues we respect and appreciate, whose abilities contributed to the management place we revel in these days. I wish to categorical my inner most gratitude for his or her contributions, arduous paintings and willpower.
As we transfer ahead, please stay those co-workers for your ideas as our HR groups and their teammates assist fortify them via this procedure.
There may be numerous information to unpack these days. I are aware of it’s unsettling. I proceed to be inspired and thankful for our groups’ talent to stick centered and stick in combination throughout this transitional time.
George
